Hopefully, your 2026 is off to a great start! As we progress into the New Year, it’s time to look back at how the real estate market fared in 2025. Overall, the year saw improving inventory, cautious buyer interest, and continued affordability challenges as interest rates remained higher than many hoped for. The fourth quarter saw some momentum build as rates dipped slightly and buyer interest continued.

Inventory levels, which saw their peak in 2020, continued to climb from 2023 lows. Looking at all residential property types, including single family, condos, and townhouses, the peak year for sales and inventory was 2020, when 1,982 homes were listed for sale, and 1,816 of those sold.

In 2021, 1,747 homes were listed and 1,669 were sold. In 2022, there were 1,607 new listings and 1,160 sales. In 2023, new listings were down to 1,532, along with 1,070 sales. In 2024, listings were back up near 2021 numbers, with 1,741 homes listed in and around Bozeman. Sales remained similar to the previous year with 1,037 homes sold. That trend continued in 2025 with 1,784 new listings and 1,052 sales in and around Bozeman across all residential property types.

Restricting the data to just single-family homes inside Bozeman city limits tells a similar story, although 2019 was the peak for new listings, when 707 homes were listed and 591 were sold. By 2021, those numbers had decreased to 555 new listings and 514 sales. The following year, 2022, saw 475 new listings and 355 sales. In 2023, it continued to decrease, with 465 new listings and 344 sales. In 2024, new listings were again back up, with 527 homes brought to market, while 322 of those homes sold. This past year, the numbers continued to rise, with 353 sales and 533 new listings. 

Pricing, which was essentially flat in 2024, continued along similar lines this year. There are multiple ways to run the median sold price, depending on whether one includes just homes inside city limits, outside city limits, or condos and townhouses.

Looking back at pricing for just single-family home sales inside Bozeman city limits over the past few years, in 2022, the median sold price rose 14% from $700,000 in 2021 to $799,000 in 2022.  In 2023, it appeared to be down slightly from 2022, sitting at $770,000, which would indicate a 3.6% decrease. Last year, the median sold price for single family homes inside city limits was up slightly from 2023, coming in at $779,500. In 2025, it also continued the upward trend, coming in at $795,000, approximately a 2% increase from last year.

Running the median sold price for areas both inside and outside of Bozeman city limits, including areas like Bridger Canyon, south valley, north valley, etc., the median sold price did not take the same dip it took in 2023. It rose just over one percent, from $889,950 in 2022 to $900,000 in 2023. In 2024, it again rose another 2.7% from 2023 to $925,000. This past year, it remained flat, coming in at the exact same number as last year—$925,000.

New construction listings also increased this year. Looking in both Bozeman and Belgrade, across all residential types including condos, townhouses, and single family homes: In 2020, there were 729 new construction homes listed for sale on our local MLS. This does not include custom homes or homes sold directly from builder to buyer, just new construction homes listed for sale on the MLS. In 2021, that number decreased by more than 50% to 345. 2022 was up just slightly with 395 new construction listings. It continued to rise slightly in 2023 to 397 new listings. In 2024, it took a bigger bump, with 525 new construction homes listed, but was still well below the 729 listed in 2020. 2025 was well above the 2021-2023 years, but slightly below last year, with 497 new construction homes listed in Bozeman and Belgrade.

The big news for 2024 was high-end homes setting a new volume record. The pandemic saw a significant increase in the number of luxury homes sold in our market, and those numbers have held out or increased in most years since.

These numbers include homes inside and outside of Bozeman city limits: In 2019, only 11 homes sold for more than $2 million. That number nearly tripled to 32 closed sales in 2020, then nearly doubled again to 56 homes sold for more than $2m in 2021. Sales volume continued to rise in 2022 to 63 sales. In 2023, it was down slightly, as 52 homes sold north of $2m. Last year, the number of closed sales north of $2m hit a new high, with 82 homes sold. 2025 saw slightly lower, but still elevated numbers, with 74 homes sold for more than $2m in and around Bozeman.

As we enter 2026, there are early signs of increased activity, both late in 2025, and in the first few weeks of 2026, boosted by easing rates and buyer interest levels. As usual, I have included the most recent sales numbers for Bozeman. In addition to these sales, there are currently 86 single family home sales pending in and around Bozeman. This is up considerably from this time last year, when 53 single family home sales were pending.

The included data reflects sales of homes in the greater Bozeman area, including Four Corners, Gallatin Gateway, Bridger Canyon, and within Bozeman city limits. The data includes home sales reported through the local Big Sky Country MLS, and does not include private party sales.